Download as pdf or txt
Download as pdf or txt
You are on page 1of 1

EULWWOHIUDFWXUH %\XVLQJWKHVHVSHFLDOILEUHVLQ FRPELQDWLRQZLWK D K\GURO\VLV UHVLVWDQW

HSR[\UHVLQEULWWOHIUDFWXUHRI)53URGLVHOLPLQDWHGDVH[WHQVLYHORQJWHUP WHVWLQJKDV
VKRZQ 6LQFH  &HUDP7HF KDV EHHQ XVLQJ (OHFWULFDO *UDGH &RUURVLRQ 5HVLVWDQW
(&5  JODVV ILEUHV IRU LWV52'85)/(; LQVXODWRUV $GGLWLRQDOO\ WKH VHQVLWLYH UHJLRQ
£

EHWZHHQ ILWWLQJV DQG VLOLFRQH FRYHUHG URG LV VHDOHG ZLWK D VSHFLDO VLOLFRQH UXEEHU
JUDQWLQJVDIHVHDOLQJIRUWKHZKROHLQVXODWRUOLIH8VLQJWKLVXQLTXHGHVLJQ(&5JODVV
FRPELQHG ZLWK VDIH VHDOLQJ  ZH KDYH QHYHU H[SHULHQFHG EULWWOH IUDFWXUH LQ FDVH RI
52'85)/(; LQVXODWRUV
£

7R PDNH VXUH WKDW D EULWWOH IUDFWXUH UHVLVWDQW URG LV XVHG ZH UHFRPPHQG WKH EULWWOH
IUDFWXUH WHVW  GHVFULEHG LQ WKH DQQH[ 8S WR QRZ WKHUH KDYH QRW EHHQ DQ\ QRUPDWLYH
WHVWV UHJDUGLQJ WKH EULWWOH IUDFWXUH SKHQRPHQD KRZHYHU D &LJUp ZRUNLQJ JURXS LV
GHDOLQJZLWKWKLVWRSLF

 +RXVLQJ +79VLOLFRQHUXEEHU


3URSHUWLHVRI52'85)/(; +796,5
£

$V PHQWLRQHG DERYH WKH GHQRPLQDWLRQ 6,5 FRYHUV D ODUJH YDULHW\ RI PDWHULDOV ZLWK
GLIIHUHQW SURSHUWLHV 3RO\GLPHWK\OVLOR[DQ 3'06  LV WKH PRVW FRPPRQO\ XVHG VLOLFRQH
HODVWRPHUH7KHPHWK\OJURXSVRI3'06DUHDWWDFKHGWRDOLQHDUVLOLFRQHR[\JHQ 6L2
6L EDFNERQH

$V FDQ EH VHHQ IURP WKH FKHPLFDO VWUXFWXUH VLOLFRQH UXEEHU
FRQWDLQV FDUERQ LQ WKH VLGHJURXSV RQO\ EXW QRW LQ LWV EDFNERQH ª &+ º
« æ  »
7KLVVHPLLQRUJDQLFVWUXFWXUHZLWKKLJKERQGLQJHQHUJ\RIWKH6L2 «6L  2 »
ERQGJUDQWVYHU\KLJKWKHUPDOVWDELOLW\,QFRPSDULVRQWKHERQGLQJ « »
HQHUJ\RIWKH&&ERQGLQ(35LVDERXWORZHUWKDQWKDWRIWKH « æ »
6L2ERQG7KHVWURQJ6L2ERQGUHVXOWVLQEHWWHUUHVLVWDQFHRI6,5 ¬ &+  ¼Q
WR HQYLURQPHQWDO DWWDFNV VXFK DV R]RQH RU 89 UDGLDWLRQ DQG WR &KHPLFDOVWUXFWXUH
FRURQD WKDQ LQ FDVH RI (35 $QRWKHU DGYDQWDJH RI WKH 6L2 RI3'06
VWUXFWXUH ZKLFK LV VLPLODU WR TXDUW] RU JODVV LV WKDW D QRQFRQ VFKHPDWLF SULRU
GXFWLYHOD\HULVIRUPHGLIWKHPDWHULDOLVEXUQHGHJGXHWRDUFLQJ WRFURVVOLQNLQJ

,W PXVW EH HPSKDVL]HG DJDLQ WKDW VLOLFRQH UXEEHUV PD\ KDYH GLIIHUHQW SURSHUWLHV
GHSHQGLQJRQFKHPLFDOFRPSRVLWLRQYXOFDQL]DWLRQSURFHVVILOOHUPDWHULDODQGDGGLWLYHV
7KH +79 VLOLFRQH DSSOLHG KDV LPSURYHG YDOXHV RI PHFKDQLFDO SURSHUWLHV DQG WUDFNLQJ
DQG DUFLQJ UHVLVWDQFH FRPSDUHG WR WKH 579 VLOLFRQH &HUDP7HF KDV EHHQ XVLQJ KLJK
SHUIRUPDQFH +79 3RO\GLPHWK\OYLQ\OVLOR[DQ ILOOHG ZLWK KLJK TXDOLW\ DOXPLQXP WULK\GUDW
$7+ IRULWV52'85)/(; LQVXODWRUVVLQFH7KH52'85)/(; VLOLFRQHUXEEHU
£ £

VKRZV JRRG PHFKDQLFDO SURSHUWLHV ZLWK D KLJK WHDULQJ UHVLVWDQFH DQG H[FHOOHQW
HOHFWULFDO SURSHUWLHV 2XU PDWHULDOV KDYH SURYHQ WKHLU UHOLDELOLW\ IRU DOPRVW  \HDUV LQ
VHUYLFHXQGHUYDULRXVFRQGLWLRQV

7KH UHVXOWV IURP ODERUDWRU\ WHVWV DQG ORQJ WHUP WHVWV DV ZHOO DV VHUYLFH H[SHULHQFH
UHYHDO WKDW SRO\PHULF LQVXODWRUV PD\ EH DIIHFWHG LQ D GLIIHUHQW ZD\ GHSHQGLQJ RQ WKH
FRPSRVLWLRQ RI WKH KRXVLQJ PDWHULDO WKH LQVXODWRU GHVLJQ DQG WKH PDQXIDFWXULQJ
SURFHVV7KLVLV DOVRWUXHIRUFRPSRVLWH LQVXODWRUVPDGH RI VLOLFRQH UXEEHU 7KHUH DUH
VRPHLQGLFDWLRQVWKDWWKHJHQHULFQDPHRIWKHPDWHULDOGRHVQRWDXWRPDWLFDOO\LPSO\D
VSHFLILFOHYHORISHUIRUPDQFH2QO\IXQFWLRQDOWHVWLQJDQGXOWLPDWHO\ORQJWHUPVHUYLFH
H[SRVXUHFDQDVFHUWDLQWKHSHUIRUPDQFHOHYHORIDVSHFLILFW\SHRILQVXODWRU

You might also like